Ethereum Price Analysis: ETH/USD Under Pressure Below $216
Key Highlights
- ETH price is struggling to break the $214-216 resistance zone against the US Dollar.
- Yesterday’s highlighted important bearish trend line is active with resistance at $212 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair has to break the trend line and the $216 resistance zone for more gains in the near term.
Ethereum price is mostly in a bearish zone against the US Dollar and bitcoin. ETH/USD needs to overcome sellers above $212 to test the $228 resistance.
Ethereum Price Resistance
Yesterday, there were many rejections around the $214-216 area in ETH price against the US Dollar. The ETH/USD pair failed to close above the $216 level and dived sharply. It broke the $206 and $200 support levels and traded as low as $197. Later, it recovered sharply and moved back above the $200 level. It revisited the $214 resistance, which acted as a resistance.
More importantly, yesterday’s highlighted important bearish trend line is active with resistance at $212 on the hourly chart of ETH/USD. The pair is finding a strong resistance near the trend line and $216. It is currently trading near the 100 hourly simple moving average and $208. It already broke the 23.6% Fib retracement level of the recent wave from the $197 low to $213 high. It seems like the price may continue to move down towards the $205 and $204 levels. These are close to the 50% Fib retracement level of the recent wave from the $197 low to $213 high. If there is a downside break below $204, the price could retest $200.
Looking at the chart, ETH price is facing a tough barrier near the $214-216 zone. A proper close above the trend line and $216 level is needed for buyers to push the price towards the $228 high.
Hourly MACD – The MACD is moving slowly in the bullish zone.
Hourly RSI – The RSI is currently just around the 50 level.
Major Support Level – $204
Major Resistance Level – $212
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by Aayush Jindal on September 20, 2018 at 11:30AM